Shares of Sky Gold and Diamonds Ltd continued to remain under pressure, hitting the 5% lower circuit for the second straight session on Thursday, July 24. The stock fell to ₹307.85, down ₹16.20 from the previous close of ₹324.05. This marks a total decline of 10% over the last two trading sessions.
The sell-off comes after block deals involving 0.5% of the company’s equity, worth ₹24 crore, took place on Tuesday, following the announcement of its June quarter results. While the buyers and sellers remain unidentified, the sudden change in ownership appears to have triggered investor caution.
In its Q1 results, Sky Gold reported strong topline growth, with revenue rising 56.4% year-on-year to ₹1,131 crore. EBITDA surged 91.6% to ₹71.1 crore, while EBITDA margin improved to 6.3% from 5.1% in the year-ago period.
Despite the operational improvement, the stock has hit back-to-back lower circuits, dragging its market capitalization to ₹45.80 billion. The stock’s 52-week range stands between ₹186.45 and ₹488.55.
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